A tragic train derailment in Lac-Megantic, a small Quebec community caused 47 fatalities, the destruction of part of the town and huge cleaning costs. The Transportation Safety Board of Canada (TSB) has conducted an in-depth investigation of the causes of Lac-Megantic accident and has formulated recommendations. The catastrophic consequences of the Lac-Megantic accident and the known increase over the last several years in rail transportation of Class 3 hazardous materials has made it clear, the need to review the existing regulations and industry practices to such transportation. Canada Transport Safety Board, U.S. National Transportation Safety Board, Transport Canada, U.S. Pipeline and Hazardous Material Safety Administration, and U.S. Federal Railroad Administration are working closely to upgrade rail transport regulations to prevent similar incidents from occurring. The tragedy in Lac-Megantic was not caused by one single person, action, or organization. Many factors played a role, and addressing the safety issues will take a concerted effort from regulators, railways, the Association of American Railroads, shippers, tank car manufacturers, and refiners in Canada and the United States. (c) 2014 American Institute of Chemical Engineers Process Saf Prog 34: 2-15, 2015